iCharts Discussions

RAKA · White Belt Joined: 10 Jun 2007 Posts: 37

After touching 5220, Nifty may complete rising wedge and start falling. The tgt may be around 4500.

pradeepgolfer · White Belt Joined: 16 Sep 2009 Posts: 212

The failure rate for this pattern-rising wedge-is high.As usual it is better to wait for price confirmation since I have seen upside breakouts often.
Do not try to out guess the market but follow it.Trade what you see not what you think. Dont try do pick the top only try to get confirmation of it.Calling the top is speculation, not trading.
However, the decreased volatilty and daily ranges indicate there are only bulls and all bears are out.Healthy markets are two sided.
Not trading is also taking a position:wait for breakout or break down

ipakrashi · White Belt Joined: 09 Jul 2009 Posts: 16

Technically you seem right with the pattern and targets, but rising wedge happens primarily in "bear market" situation and definitely the market sentiment is not bearish

charav · White Belt Joined: 18 May 2009 Posts: 15

For me, it appears more like a breakout. Your views pl.

pradeepgolfer · White Belt Joined: 16 Sep 2009 Posts: 212

This rally from the lows of the year may well prove to be a bear market rally.

RAKA · White Belt Joined: 10 Jun 2007 Posts: 37

Nifty has broken the trendline support at 4780 but the absence of panic selling intrigues me. So better cut shorts at this level coz nifty can bounce back anytime to test 4950 levels.